Zacks Investment Research upgraded shares of First of Long Island (NASDAQ:FLIC) from a sell rating to a hold rating in a research report sent to investors on Saturday, Zacks.com reports.

According to Zacks, “The First of Long Island Corporation is a one-bank holding company. “

A number of other equities research analysts also recently issued reports on FLIC. ValuEngine downgraded shares of First of Long Island from a hold rating to a sell rating in a research note on Tuesday, June 18th. BidaskClub downgraded shares of First of Long Island from a hold rating to a sell rating in a research note on Saturday, June 15th. Finally, Boenning Scattergood reissued a hold rating on shares of First of Long Island in a research note on Thursday, May 2nd.

Shares of FLIC stock opened at $21.87 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.99. The stock’s 50-day moving average price is $21.47. First of Long Island has a 12 month low of $17.53 and a 12 month high of $23.65. The stock has a market capitalization of $546.56 million, a P/E ratio of 13.42 and a beta of 0.61.

First of Long Island (NASDAQ:FLIC) last released its quarterly earnings results on Monday, July 29th. The bank reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.01. The business had revenue of $28.00 million for the quarter, compared to the consensus estimate of $27.81 million. First of Long Island had a net margin of 28.68% and a return on equity of 10.84%. As a group, analysts anticipate that First of Long Island will post 1.72 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, July 22nd. Stockholders of record on Friday, July 12th were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend was Thursday, July 11th. First of Long Island’s dividend payout ratio (DPR) is 41.72%.

Several institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in shares of First of Long Island in the first quarter valued at approximately $134,000. Bank of New York Mellon Corp grew its holdings in shares of First of Long Island by 24.4% in the fourth quarter. Bank of New York Mellon Corp now owns 171,179 shares of the bank’s stock valued at $3,415,000 after purchasing an additional 33,553 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of First of Long Island by 20.4% in the fourth quarter. Legal & General Group Plc now owns 4,826 shares of the bank’s stock valued at $97,000 after purchasing an additional 817 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of First of Long Island by 9.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 732,545 shares of the bank’s stock valued at $14,614,000 after purchasing an additional 61,242 shares in the last quarter. Finally, Cutler Capital Management LLC grew its holdings in shares of First of Long Island by 9.4% in the first quarter. Cutler Capital Management LLC now owns 51,950 shares of the bank’s stock valued at $1,139,000 after purchasing an additional 4,454 shares in the last quarter. 54.16% of the stock is currently owned by institutional investors and hedge funds.

About First of Long Island

The First of Long Island Corporation operates as the holding company for The First National Bank of Long Island that provides financial services to small and medium-sized businesses, professionals, consumers, public bodies, and other organizations. Its deposit products include business and small business checking, personal checking products, savings accounts, negotiable order of withdrawal accounts and IOLA, escrow service accounts, rent security accounts, time deposits, holiday club accounts, and individual retirement accounts, as well as money market products.

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